View all on-demand sessions from the Intelligent Security Summit here.
Managing identities on location is not good enough. Today’s organizations need automated, cloud-friendly Identity Access Management (IAM) processes if they want to authenticate and authorize external users at scale. In decentralized work environments, there is a mandate to be agile.
A vendor looking to build a flexible IAM process in the cloud is an identity and access management provider Savyntwhich today announced it has closed $205 million in growth funding from AB Private Credit Investors’ Tech Capital solutions group.
Saviynt’s Enterprise Identity Cloud (EIC) is a cloud-native converged identity platform designed to streamline identity and access management processes for workforce, enterprise applications, privileged identities and third-party identities as part of a single solution.
>>Don’t miss our special issue: The CIO Agenda: The Roadmap for IT Leaders in 2023.<
This approach enables security teams to manage the identity lifecycle with automated workflows to manage identities at scale across on-premises, hybrid, and multi-cloud environments.
Protect identities in the cloud
The funding comes as organizations have consistently failed to secure identities against threat actors Research showing that 80% of organizations have experienced identity-related breaches in the past 12 months.
One of the main challenges contributing to this lack of security is that organizations do not have the technologies or processes in place to consistently enforce access control controls across on-premises and cloud environments.
“Applications drive today’s modern organization and are at the heart of any digital transformation. The central challenge of managing identity in the cloud is to ensure secure and reliable access control to resources while maintaining user privacy and regulatory compliance at a time of tremendous growth in identities,” says Sachin Nayyar , CEO and founder of Saviynt.
“This includes ensuring the authenticity of users and devices, whether employee, third party or machine identities, and protecting against unauthorized or overprovisioned access. It can also be challenging to integrate and synchronize identities across cloud environments and on-premises systems,” said Nayyar.
Review of the IAM market
Saviynt’s solution falls under the IAM marketwhich was valued by researchers at $12.3 billion by 2020 and is expected to reach $34.5 billion by 2028 as organizations try to keep up with growing security and compliance concerns.
One of the company’s main competitors in the space is SailPoint Technologies, a cloud IAM provider offering the SailPoint Identity Security Platform, which uses artificial intelligence (AI) and machine learning to discover and automate real-time access. Last year, Thomas Bravo acquired SailPoint Technologies for $6.9 billion.
Another major competitor in space is Okay, which provides a Workforce Identity Cloud solution with single sign-on, adaptive multi-factor authentication capabilities, and lifecycle management capabilities. Okta expects to generate total gain of $1.8 billion by 2023.
Nayyar argues that the key differentiator between Saviynt and its competitors is its cloud-native approach to identity security.
“Unlike legacy identity security providers like SailPoint, Saviynt provides a cloud-native, converged identity platform for workforce, enterprise applications, privileged identities, and third-party identities to deliver the best user experience to solve the greatest number of use cases with the highest ROI and lowest TCO,” said Nayyar.
VentureBeat’s mission is to become a digital city plaza where tech decision makers can learn about transformative business technology and execute transactions. Discover our Briefings.